Note 8 - Related Party Transactions

3 Months Ended

Jul. 31, 2014

Note 8 - Related Party Transactions:

Note 8 - Related Party Transactions

NOTE 8 - RELATED PARTY TRANSACTIONS

Accounts receivable – related party and revenue – related party

On July 31, 2014 and April 30, 2014, we reported $880,319 and $953,400 in accounts receivable – related party, respectively, related to sales of products to Qufu Shengwang Import and Export Corporation, a Chinese entity owned by our Chairman, Mr. Laiwang Zhang. For the three months ended July 31, 2014 and 2013, we had revenue – related party of $885,608 and $1,143,311, respectively, from Qufu Shengwang Import and Export Corporation,

Due to (from) related parties

From time to time, we received advances from related parties and advance funds to related parties for working capital purposes. During the three months ended July 31, 2014, we paid interest of $47,739 to Pharmaceutical Corporation related to the reimbursement of interest expense incurred by Pharmaceutical Corporation in order for Pharmaceutical Corporation to advance working capital to the Company.  The advances and any accrued interest are due on demand and non-interest bearing. On July 31, 2014 and April 30, 2014, due to (from) related party activities consisted of the following: 

	Pharmaceutical Corporation	Qufu Shengwang Import and Export	Total
Balance due to related parties, April 30, 2014	$     248,873	$      106,308	$     355,181
Working capital advances from related parties	0	91,377	91,377
Repayments	(64,813)	0	(64,813)
Effect of foreign currency exchange	(283)	0	(283)
Balance due to related parties, July 31, 2014	$     183,777	$      197,685	$     381,462